Intuit Inc.:
Topline Results
The Small Business Employment Index
-
There were no new jobs added in August; there have been more than
705,000 jobs added since March 2010.
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Employees’ average monthly compensation increased 0.6 percent, a rise
of $16 from July’s revised figure.
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Average monthly hours worked by hourly employees increased from July
by 0.6 percent, which equates to a total of 36 minutes.
-
Findings come from the monthly Intuit Inc. Small Business Employment
and Revenue Indexes; based on data from Intuit
Online Payroll and QuickBooks
Online Payroll, covering the period from July 24 to August 23.
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The hiring rate for August is up slightly, to 5.78 percent; the U.S.
small business sector has 770,000 jobs to go to return to the level of
March 2007.
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With employment flat for small business, results are mixed across
states.
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States losing employment were mainly centered on the Great Lakes, with
Michigan and Wisconsin losing the most in percentage terms. States
with the biggest gains were Utah and Florida.
The Small Business Revenue Index
-
For July, revenues per small business grew by one-half of one percent
for the month, or roughly 6 percent at an annual rate.
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The first half of 2014 has brought revenue growth that is faster than
the 0.4 percent monthly (4.3 percent annualized) average for the last
decade.
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The industry with the biggest rise was real estate rental and leasing,
which grew by 1.3 percent.
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Real estate revenues have grown sharply over the past four months,
reflecting the pick-up in home sales.
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The lowest growth in revenue per business was in accommodation and
restaurants, which was up 0.1 percent for the month.
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This index is based on data from QuickBooks
Online, covering the period from July 1-31.
Quotes from Susan Woodward:
Susan
Woodward is the economist who works with Intuit to create the
Small Business Employment and revenue Indexes
-
“The labor market for small business is warming. Though there were no
new jobs, the rise in hours worked, full-time workers, compensation,
and the hiring rate all show small business activity on the rise.”
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“Small business employment expansion was slow early in
2014, then picked up to 22,000 jobs per month for March through June,
a reflection of the revenue changes per business.”
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“For August employment, the change is zero. The revised estimate for
July is that employment rose by 7,000 jobs. While total payroll
employment is now above its previous peak of January 2008.”
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“Over the last year, revenues per business have grown about 5 percent
across all industries, with slower growth in late 2013, and faster in
2014.”
Small Business Employee Monthly Compensation for all employees
increased by 0.6 percent in August. This data includes the compensation
paid by small business owners to themselves. The levels reflect data
from approximately one million employees of the Intuit Online Payroll
and QuickBooks Online Payroll customer set of 242,000 small businesses,
and are not necessarily representative of all small business employees.
The month-to-month changes are seasonally adjusted and informative about
the overall economy.
Small Business Employee Monthly Hours Worked for hourly employees
increased by 0.6 percent in August. The levels reflect data from
approximately 1,100,000 hourly employees of the Intuit Online Payroll
and QuickBooks Online Payroll customer set of approximately 242,000
small businesses and is not necessarily representative of all small
businesses. The month-to-month changes are seasonally adjusted and
informative of the overall economy.
About The Intuit Small Business Indexes
The Intuit Small Business Indexes provide unique, near real-time
information each month on the activity of the smallest businesses in the
U.S. in terms of revenue, hiring and compensation trends. The Employment
Index is based on anonymized, non-identifiable aggregated data from
approximately 237,000 small business employers, a subset of users that
use Intuit Online Payroll and QuickBooks
Online Payroll. The Revenue Index is based on anonymized,
non-identifiable aggregated data from approximately 150,000 small
businesses, a subset of users that use Intuit’s QuickBooks
Online financial management offering
and are matched in Dun & Bradstreet’s
small business industry classifications. Together, the indexes provide a
more complete picture of the economic health of the nation’s small
businesses. More information on the Intuit Small Business Indexes is
available at index.intuit.com.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
processing, personal
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2013. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India and
other locations. More information can be found at www.intuit.com.
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